NEW YORK (Reuters) - The Federal Reserve is pushing ahead with gradual rate-hike plans next month as it marches toward a more normal policy stance that would keep the economy expanding, one of its most influential members said on Monday in the face of growing doubts in financial markets.New York Fed President John Williams, a close ally of Fed Chair Jerome Powell and a permanent voter on monetary...Read More
LONDON (Reuters) - Euro zone money markets no longer fully price in a 10 basis point rate hike from the European Central Bank in 2019, indicating growing investor concern about the economic outlook in the single currency bloc.Money market futures dated to the ECB's December 2019 meeting now price only a 95 percent chance of a rate hike, from a 100 percent chance on Monday. ECBWATCHThis is a substa...Read More
Monthly data from the Swiss Federal Customs Administrationshow that gold demand in key Asian buying nations was weak during October, saysCommerzbank. The report shows that Switzerland exported only 11.3 tonnes ofgold to India last month, the least in at least five years. “This was probablydue to sharp rises in local gold prices, as gold in Indian rupees increased byover 10% in price between...Read More
(Reuters) - Department store operator Kohl’s Corp (KSS.N) raised its full-year profit forecast and posted better-than-expected quarterly same-store sales on Tuesday, as it moved trendier fashion to stores quicker and bolstered its online business.The company now expects full-year earnings forecast of $5.16 - $5.36 per share, compared with from its prior forecast of $4.96 - $5.36.Net income r...Read More
(Kitco News)- Goldprices continue to push higher as U.S. housing data come in line withexpectations.TheCommerce Department's latest economic data showed that U.S. housing starts rose1.5% in to a seasonally adjusted annual rate of 1.23 million units in October, upfrom September's revised rate of 1.21 million.Consensus forecasts compiled by most news organizations called for starts to bearound 1.23&...Read More
(Kitco News) - Gold andsilver prices aremodestly up in early U.S. trading Tuesday, supported by some mild safe-haven demandas the U.S. stock indexes have seen heavy selling pressure so far this week. December gold futures were last up $3.60 an ounce at $1,228.90. December Comex silver was last up $0.062 at $14.47 an ounce. Globalstock markets were also mostly lower overnight, following the soli...Read More
LONDON (Reuters) - Bitcoin tumbled as much as 10 percent on Tuesday to below $4,500 BTC=BTSP, bringing the world's best-known cryptocurrency's losses to 30 percent within a week as a selloff in digital currencies intensified across the board.Other cryptocurrencies also skidded sharply, with Ethereum's ether losing 10 percent ETH=BTSP and Ripple's XRP XRP=BTSP down 13 percent in a largely sent...Read More
(Reuters) - CVS Health Corp (CVS.N) said on Tuesday that it expects to close its $69 billion purchase of health insurer Aetna Inc (AET.N) after the Thanksgiving holiday.The pharmacy chain and benefits manager had previously expected the transaction to close by Nov. 22.CVS said in a filing bit.ly/2Kk8PSf it had received approval from 26 of the 28 state departments of insurance and was in the fina...Read More
(Reuters) - Lowe’s Cos Inc said on Tuesday it was looking to shed its retail operations in Mexico and certain non-core U.S. businesses as the country’s second-biggest home improvement chain strives to compete with rivals including Home Depot.Shares of the Mooresville, North Carolina-based company fell 5.3 percent to $86.50 in premarket trading after Lowe’s also reported a smaller...Read More
MELBOURNE (Reuters) - Australia’s unemployment could ease further from the current 6-1/2 year low without putting too much upward pressure on wages, the head of the country’s central bank said on Tuesday.Reserve Bank of Australia (RBA) Governor Philip Lowe noted the jobless rate in the country’s two biggest states - New South Wales and Victoria - was between 4.4 percent and 4.6 p...Read More
BRUSSELS (Reuters) - Greece is likely to beat its fiscal targets, including the primary surplus, for the third year in a row, but needs to continue the reforms it promised as part of the last bailout program, the chairman of euro zone finance ministers said.Speaking at a hearing in the European Parliament’s economic committee, Mario Centeno said the outlook for the Greek economy was positive...Read More
TOKYO (Reuters) - Japan’s Nikkei fell to a three-week low on Tuesday as a drop in Nasdaq shares dragged down Japanese tech names, while Nissan Motor tumbled on news of Chairman Carlos Ghosn’s arrest and dismissal.The Nikkei share average ended 1.1 percent lower to 21,583.12, the lowest closing level since October 31.Nissan Motor Co was the most-traded stock by turnover and tumbled 5.5...Read More
LONDON (Reuters) - Bank of England Governor Mark Carney gave his backing to a Brexit deal struck by British Prime Minister Theresa May, saying the alternative of leaving the European Union with no transition could be akin to the 1970s oil shock.“We have emphasized from the start the importance of having some transition between the current arrangements and the ultimate arrangements,” Ca...Read More
Vancouver-based Canarc Resource (TSX: CCM) just bought the Corral Canyon gold exploration project in northwestern Nevada through the staking of 92 mining claims. The Vancouver-based miner now owns 100% of the project with no underlying royalties.According to Canarc, the 742-hectare project lies along a regionally productive gold trend that includes the past producing high-grade Sleeper gold mine,...Read More
Vancouver-based Canarc Resource (TSX: CCM) just bought the Corral Canyon gold exploration project in northwestern Nevada through the staking of 92 mining claims. The Vancouver-based miner now owns 100% of the project with no underlying royalties.According to Canarc, the 742-hectare project lies along a regionally productive gold trend that includes the past producing high-grade Sleeper gold mine,...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
May's "soft Brexit" deal with the EU could lead to a hard landing for British stocksBy the end of last week, the state of Brexit negotiations was (not unfairly) summed up by one Vox article as "a true and complete omnishambles." While U.K. Prime Minister Theresa May successfully hammered out the terms of a "soft Brexit" with her European Union (EU) counterparts, it came at a great cost for May --...Read More
BOGOTA (Reuters) - Colombia’s main mining industry group said on Monday it was optimistic a new tax bill that includes a cut to corporate taxes will help attract more foreign investment, allowing companies to boost exploration and output in the coming years.The bill, known as the financing law, proposes a gradual reduction in taxes on businesses to 30 percent by 2022 from the current 35 perc...Read More
Bloomberg News/LandovContractors work on a KB Home project. Builders have started 6.4% more homes so far this year than in the same period last year. The numbers: The National Association of Home Builders' monthly confidence index plunged eight points to 60 in November. What happened: The many headwinds that have been dogging the industry finally showed up in this report. Labor is still expens...Read More
Gold is going nowhere but itseems to be in a hurry, or at least traders and investors are impatient. Awatched pot never boils, and gold will make the next move when it's ready andnot one minute before.The most important components of tradingand investing are not the news or opinions of others but the patience for thechart to guide you. All markets leave footprints or a treasure map of what'sgoing...Read More